Serge Belamant to get $8m payout and continue consulting for Net1
Net1 UEPS Technologies said it had agreed to pay founder and CEO Serge Belamant an $8m severance payment and an about 14% premium on his shares, after he agreed to step down amid a storm of controversy over the social grants contract of subsidiary CPS. Serge Belamant will also be paid $50,000 a month to consult for the company after his early retirement, the company said in a disclosure to the US Securities and Exchange Commission on Tuesday. Net1 agreed to buy back more than 1-million shares he owns at $10.80 a share. It agreed to allow the accelerated vesting of 200,000 shares and the repurchase of more than 252,000 "in-the-money" stock options at $10.80 a share minus the applicable exercise price per option. The stock closed trade at $9.41 in New York. It has declined about 41% over the past two years. “Allan Gray notes with outrage the financial settlement claimed by Serge Belamant upon his retirement as CEO of Net1,” the Cape Town-based asset manager, which is Net1’s second-big...
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